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Salaries in arrears is treated in the balance sheet as a

Accounts - Principles of Accounts
JAMB 2023

Salaries in arrears is treated in the balance sheet as a

  • A. current asset
  • B. current liability
  • C. long term liability
  • D. fixed asset
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Correct Answer: Option B
Explanation

Salaries in arreas is an unpaid salary with amount due from the past. It is treated as current liabilities in the balance sheet.

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